Question # 1

Which is a condition for existence of monopoly

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identical product

absence of government taxes

no close substitute

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

A rise in supply and demand in equal proportion will result in

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increase in equilibrium price and decrease in equilibrium quantity

decreases in equilibrium price and increases in equilibrium quantity

no change in equilibrium price and increases in equilibrium quantity

increases in equilibrium price and no change in equilibrium quantity

A public corporation comes into existence by means

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registration under the Companies Act

Act of parliament

decision by the shareholders

registration with the Stock Exchange

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

Economics of scale are of two kinds

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temporary and permanent

internal and external

managerial and industrial

natural and artificial

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

An example of money capital is

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cash

money in a savings account

prize bond

golden ring

One or more persons living together and having a common budget is called

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union

organisation

household

house members

q = 4 + 2P it is a functional equation of.

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Demand

Supply

Equilibrium of demand as supply

None of the three

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

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